Friday, April 29, 2011

Dollar Skids to New Three Year Lows

Investors wasted no time in sending the dollar to new three-year lows after the Federal Reserve gave them little reason to support it. Weak U.S. growth and unemployment data quickened the dollar's fall. Initial employment claims jumped back above the 400,000 level in the latest week. Meanwhile, gross domestic product data showed that economic growth slowed sharply in the first quarter, led by surging food and energy costs that sent a key gauge of inflation, the personal consumption expenditures (PCE) price index, soaring to its highest level in nearly three years.
http://online.wsj.com/article/SB10001424052748704463804576290660981248594.html